July 2015

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for theweek of July 20th through the 26th.

According to a recent article in the PSBJ, it looks like our city’s 6th new construction condo project since the recession will be breaking ground soon. Gridiron Condos will be built by developer Daniels Real Estate on a site adjacent to CenturyLink Field on 1st Ave. This is the same site that has been in the works for a few years and was previously going to be called Stadium Lofts. It will be 107 new units built atop the current brick building and will have restaurant and bar space on the main and mezzanine levels.

Gridiron will be the 6th post-recession condo project to break ground here in our city, assuming they move forward with the plans to start site work in about two weeks.

With the velocity of pre-sales in the some of Seattle’s recent condo projects that have started pre-sales, including Insignia (Downtown), Vik and Solo Lofts (Ballard), and most recently Luma (First Hill), I would expect the demand to also be high for condos in Pioneer Square. There have not been new condo options for buyers to choose from in Pioneer Square in over 8 years. The last two being condo conversions at The Nord and Jackson Square, both located just a few city blocks to the north of the Gridiron site.

I do not yet know the specifics on unit pricing or floor plans, but will reach out to the developer and see what information is available and will report as I learn more.

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for theweek of July 13th through the 19th.

Having been inside of Insignia's south tower and seeing the amenities in person, they are quite impressive. Especially the park area on floor 7. We thought you all would enjoy seeing these videos and photos we took of Seattle's newest high rise condominium tower's amenity package. Also, to note, with the north tower still under construction this is only about half of the amenities that will be available to residents once both towers are compete.

The quality difference between individual lenders, like any profession, has always been wide spread as has the spread between different banks/lending institutions. As the market becomes more and more heated and closing dates become shorter, who you choose to work with as your lender has a greater impact on your success as a buyer than it used to.

We understand that often times the bottom line when selecting a lender is cost. And though this makes a lot of sense, it is important to understand all aspects of the purchase transaction so you can make a better more well informed decision that considers costs and other important factors.

A true story of two lenders:

Both stories are similar where a heated market with multiple offers caused the need for a quick close.

In blue is the story of our sellers selling a condo in Belltown that received multiple offers and sold within the first week above asking price. These buyers even put 25% down.

In orange is the story of our buyers who purchased a home with 10 offers, also selling way above list price. These buyers put 20% down.

The Lender on our seller’s deal is out of state in CaliforniaOur Buyer’s chose to work with our local Seattle recommended lender team (which was part of the reason they were selected as the winning offer out of 10, according to the listing agent)

Our Seller’s deal was set to close on 7/8/15 (3 week closing)Our Buyer’s deal was set to close on 7/15/15 (3 week closing)

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for theweek of July 6th through the 12th.

As several of our clients get ready to close on their homes in Insignia's south tower, I have been able to walk through several units as well as the amenities and shared areas of the building. I wanted to share with you what interesting things (both pro and con) I have noticed while in the building for the first few times with our clients.

Interesting Details:

Some of the bottom surfaces of the covered decks are the same copper that match the unique copper entrance to the building- it looks really cool

The closets were outfitted with lights - which might seem like a small thing but living in a condo now that doesn't have them, it is really a useful thing!

There is a lack of overhead lights in the bedrooms, dining and living rooms- so plan to bring your lighting!

The decks have overhead lights making them even more usable at night and in the winter months

The decks and patios also have electrical outlets which is a nice touch that is rare in highrise condos

The dog park has an actual toilet, yes I said toilet, for flushing down pet poop, not to mention it's also on the 41st floor roof, so it's likely the best pet area in the city right now in my opinion (pictures above)

The views are absolutely amazing from the 41st level amenities and all of the rooms up there offer views that are more expansive then expected

The west facing podium level units are not as close to the monorail as you would think and are actually quite pleasing

The 7th floor park is very vast and now that only 1/2 of it is completed, I can hardly wait to see how large it is when the north tower is complete

The two level fitness center is very generous with it's amount of equipment, the size of the facility, and diverse options that even include several Pilates reformers (which I have not seen, as of yet, in condo fitness centers)

I look forward to hearing all of your thoughts on Insignia and how it turned out.By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Each week we are going to highlight the highest priced condo and lowest priced condo to sell in Seattle during the previous week, not including distressed (bank owned or short sale) properties. We will also give you the averages for everything in between that sold in Seattle that week.

Here is the high, the low and everything in between for theweek of June 22nd through the 28th.

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About the Authors

Marco Kronen is the co-author and a condo Realtor. He and Wendy have worked together serving clients in Seattle since 2007. Feel free to contact Marco here.
Wendy Leung is the founding editor of the Seattle Condo Review. She's also a full-service Seattle realtor.